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fiscal deficit

In the perspective of post Keynesian, the stimulus by fiscal deficit which
the government run is surely desirable. Because money supply is endogenous,
therefore, "crowding out" can't arise. But I wonder if the accumulation of
fiscal deficit has no effect on any aspects of the economy, however large
the accumulation is. What do you think ?

**************************************
  Kazuhiro Kurose
  Graduate School of Economics and Business
  Administration, Hokkaido University
  Kita 9 Nishi 7, Kita-Ku, Sapporo, Japan
  060-0809
    TEL: +81-11-716-2111 ex:2786
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